Port in ‘strong financial position’ heading into 2025

The Port of Camas-Washougal will enter 2025 in “a strong financial position,” according to Port commissioner Larry Keister. “Our focus is to ensure the best return for the money we spend,” Keister said. “The Port is growing, and it is important that money is available for new projects as the economy (changes) and business demands arise.” Port commissioners will vote to adopt the final budget after a public hearing on Wednesday, Nov. 20. As with all previous budgets, the Port “will prepare a budget that operates within its means by only allowing property tax revenue that comes from the Port constituents to be used towards capital projects, leaving operating expenditures to be fully funded by operating revenues and some non-operating revenues excluding property taxes,” according to the Port’s website. “I am comfortable (that the) 2025 budget will keep the Port in good financial condition,” Keister said. “I am pleased with the team’s effort to develop a balanced budget for the coming year with emphasis on well-planned growth and financial stability to be able to take advantage of future growth opportunities.” The Port is projecting that it will receive $6.14 million in revenues and pay $5.7 million in expenditures in 2025 for a net income of $457,457, a slight increase over its projected 2024 figure ($381,667). “Traditionally, we’ve always had a goal of $250,000 for net income, which seems very, very small,” Port finance director Krista Cagle said during the commission’s Oct. 2 meeting. “So as a team, we decided, ‘Well, what if we made that goal 10% of operating revenue?’ So for next year, that (10%) goal would actually be $614,000, so we’re just shy of that with what I have budgeted right now, we’ll try to aim for that 10-percent goal in the years to come” The Port is projecting Grove Field will bring in $714,000 in 2025, 11.6% of total revenues; Parker’s Landing Marina will bring in $1.5 million (25%); its real estate will bring in $3.9 million (63%); and its parks and general administration will bring in $35,000 (0.7%). It is projecting it will spend $680,000 for Grove Field (12%); $1.1 million for Parker’s Landing Marina (19.6%); $1.8 million for the industrial park (31.3%); and $300,000 for parks (5.4%). The Port also expects to spend $1.067 million on 28 capital projects, including 35th Street rehabilitation ($130,000); energy efficiency at the industrial park ($50,000); the design and construction of a new sign for the front of its administrative office ($45,000); taxiway slurry seal at Grove Field ($75,000); a dredging survey ($10,000); and, depending on the result of the dredging survey, dredging engineering and permitting ($100,000). Cagle presented a list of the Port’s 2025 goals, including: • Community outreach: Put on a summer concert (Friday, July 18), a “Walk With Tran” event (date TBD), and Wings and Wheels (August); and participate in the city of Washougal’s Harvest Festival (October). • Financial: Review its five-year capital plan and develop a long-term capital improvement plan; determine potential tax increment financing (TIF) projects; monitor grant opportunities; and advocate for additional funding from Washington state for its 41st Street construction project. • Tourism: Operate under the terms of its docking agreement with American Cruise Lines and continue talking with the cruise line about potential dock renovations; operate a boathouse rental; and monitor for additional tourism opportunities. • Real estate and industrial: Make progress with 41st Street project design and permitting. • Waterfront development: Continue to collaborate with RKm Development on the first phase of construction on Hyas Point. • Parks and public amenities: Replace lighting at Marina Park and Parkersville Historical park; replace Rose Arbor; and reach out to local schools about field trips. • Marina: Conduct a dredging survey. • Airport: Continue Urban Growth Boundary expansion discussions. “Our focus for the near future is the development of 41st Street,” Keister said. “This connection between Grant and Lincoln streets will open up 12 buildable lots and 32 acres for future development at the east end of Steigerwald Commerce Center. With views of the wetlands, the Steigerwald Wildlife Refuge, the dike trail, and Mount Hood, this property would be excellent for a diverse business development.” Keister said he and fellow commissioners John Spencer and Cassi Marshall were more involved in the budget process than they were in previous years. “In the past the staff gave the commission the budget with a recommendation to approve. Now we are involved with developing the budget from the start,” he said. “This team effort gives the commission and staff the opportunity to discuss where the commissioners would like to go, and the staff can discuss how we can get there.” To view the Port’s 2025 preliminary budget, visit portcw.com/docs/financ ials/2025/2025%20Prelimi nary%20Budget.pdf.

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